London's towering SHARD is a microcosm of everything that's wrong in the world


Aditya Chakrabortty writes in The Guardian about the Shard, a titanic building that already towers above London, and explains how it is a microcosm for everything that's wrong with the world today:

So one of London's most identifiable buildings will have almost nothing to do with the city itself. Even the office space rented out at the bottom is intended for hedge funds and financiers wanting more elbow room than they can afford in the City or Mayfair. The only working-class Londoners will presumably bus in at night from the outskirts to clean the bins. Otherwise, to all intents and purposes, this will be the Tower of the 1%.

Perhaps the most remarkable thing about the Shard is that it simply exemplifies a number of trends. First, it merely confirms how far the core of London is becoming, in industrial terms, a one-horse town. Finance, which began in the Square Mile, has now spread to Docklands to the east, to Mayfair in the west and now to the South Bank.

Second, it proves that buildings are no longer merely premises owned by businesses, but are now chips for investment. What's more those chips are increasingly owned by people who barely ever set foot in the country. A study from Cambridge University last year, Who Owns the City?, found that 52% of the City's offices are now in the hands of foreign investors – up from just 8% in 1980. What's more, foreigners are piling into London property at an ever-increasing rate, as they look for relatively safe havens from the global financial turmoil. And yet, as the Cambridge team point out, the giddy combination of overseas cash and heavy borrowing leaves London in a very precarious position. Another credit crunch, or a meltdown elsewhere in the world, would now almost certainly have big knock-on effects in the capital.

The Shard is the perfect metaphor for modern London

(Image: Shard from the Hostel, a Creative Commons Attribution (2.0) image from tolomea's photostream)

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